May 2007 News & Updates
"Rotana" of UAE negotiates for Iraq hotel management
May 29, 2007
"Rotana Hotels" Group in UAE said it is about to reach an agreement with prominent investors to manage hotels in Iraq , despite security and political risks. Executive Chairman of the Group, Salim Al-Zeer, did not deny the significant risks of the Iraqi market and said, "You must endure the risk, especially when it comes to a to a big and promising market such as the Iraqi one, and in an unprecedented leap of the hotel and tourism sector."
Largest natural gas field in Iraq discovered
May 29, 2007
Spokesman of the Oil Ministry, Assim Jihad, revealed last Wednesday the existence of the largest natural gas field in Iraq extending from the border of Nineveh to the West of Al-Qaaem, with extensions to the Iraqi-Saudi border. Productivity is estimated at about an initial 100 thousand barrels per day.
Tabatabai re-elected Chairman of the Iraq Stock Exchange Trustees Board
May 29, 2007
The General Institution of the Iraqi Securities Market re-elected Tabatabai during an extensed meeting of the Institution as Chairman of the Trustees Board and Taha Ahmed Abdul Salam as executive director of the market, with the participation of representatives from the Securities Body and other parties in the market.
Credit Cards Come to Iraq
May 29, 2007
Four years after the U.S. invasion of Iraq, credit cards have finally come to the country.Iraqis refer to money as notebooks, because the bundles are so big. In Iraq, the U.S. dollar buys just over 1,200 Iraqi dinar, so going shopping and paying bills requires hauling around big stacks of local iraqi currency.
Three billion dollar airport in Karbala, Iraq
May 20, 2007
Final approvals have been completed for the establishment of Karbala International Airport, as announced by the Board committee of reconstruction.
The Central Bank of Iraq starts applying the electronic payment system
May 18, 2007
The Iraqi Central Bank began applying the electronic payment system RTGS, with the accession of a number of Iraqi banks effectively.
Iraq grants Jordan preferential prices for oil
May 18, 2007
Iraqi Minister of Planning, Ali Baban, said that the oil agreement between Iraq and Jordan provides for the latter to provide oil at preferential prices, up to $18 per discount on the worldwide price of oil.
Quantum leap to shares after adopting the electronic trading on the Iraq Stock Exchange
May 18, 2007
Investors on the Stock Exchange expect that the "Iraqi market for securitiesť will say good-bye to the manual circulation, which has been adopted since its establishment for nearly 15 years, during the coming period after the arrival of equipments, hardware and electronic systems, which was contracted on with the Swedish specialized company "O.M.X" that had already undertaken similar projects in more than thirty Arab and international bourse.
Iraq's reconstruction efforts continue amid major security problems
May 12, 2007
The exhibition of rebuilding Iraq was opened in the Jordanian capital Amman on Monday amid consensus among many on the increasing security problems which impede the reconstruction efforts.
Japan aid to Iraq
May 12, 2007
Japan is the second country in the world in providing aid to developing countries. Japan started providing official development assistance since 1954, including financial aid and technical aspects; the aid amounted to 6.8 billion dollars in 2005
Egypt exempts Iraq from debts of $ 800 million
May 06, 2007
Iraqi Minister of Finance said on Thursday that Egypt has agreed to cancel all debts owed to it by Iraq, amounting to $ 800 million, at an international conference in support of Iraqi institutions.
Iaq oil exports in April 1.605 million barrels a day
May 06, 2007
A spokesman for the Iraqi Oil Ministry said on Thursday that Iraq exported 1.605 million barrels of oil a day in April compared with 1.62 million barrels per day in March, and attributed the slight decline to sabotage attacks on the northern oil fields.
Iraq oil minister says that Iraq oil reserves may surpass those of Saudi Arabia
May 02, 2007
Explorations and surveys done in the past four years show that Iraqi oil reserves may exceed those of Saudi Arabi, said Oil Minister Husain al-Shahristani. Speaking at Babylon University in the southern city of Hilla, the minister said Iraq has 115 billion barrels of proven reserves already explored and perhaps more than that number of reserves yet to be explored.
Iraq taxes revenues expected to increase 50%
May 01, 2007
Abul Gaillah confirmed that the first quarter of the current year witnessed all the achievements planned for and anticipated at the same time the increase of tax income rates for this year by 50% compared to last year's revenues, which exceeded (300) billion Iraqi dinar which formed 3% of the total budget.